[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)

[N_S]

In all honesty everyone, is there actually ever going to be a day where these operations aren't accused of being scams? I just don't see it. I think this stuff will always be spouted off.

"well, they didn't show me their individual tax documents nor did they publish their banking passwords!! SCAM!"

[TMAN]

@ TMAN

STOP your blatant cheerleading, it's sickening me to my stomach.

STOP saying that everyone is a 14 year old, that's clearly not the case.

I'm fed up with the crap and in the mood for a row. Idiots who are obvious shills will get abuse, why not give the company a chance?

[velacreations]

If this isn't a scam, Labcoin is doing its best to make it appear that way.

they certainly aren't doing themselves any favors.

I've seen a number of scams play out very similar.  Make announcements without evidence, make deadlines, then appear to meet the deadlines, but all the while, no evidence.  And of course, they throw in "photos coming soon" whenever possible.  Evidence and new announcements were always right around the corner.

I'm not saying they are a scam, I'm just saying that I have seen this kind of behavior before, and it didn't end well.  But, I have also seen companies with terrible PR look like this, too.

I think it's time for them to step up and remove some uncertainty:
Explain the share locking issue
Join a pool and/or stamp blocks
Verify information through a trusted 3rd party

If all 3 of those are met (or at least the first 2), then the share price will rise significantly, but until they are addressed, you can count on demand being weak.

[velacreations]

In all honesty everyone, is there actually ever going to be a day where these operations aren't accused of being scams? I just don't see it. I think this stuff will always be spouted off.

"well, they didn't show me their individual tax documents nor did they publish their banking passwords!! SCAM!"

No one accuses AM of being a scam, mainly because they are more transparent and we can verify their status/hash rate.

At the beginning, AM went with pools, and it was very easy to see their hash rate.  Additionally, we know AM's btc addresses and can follow mining revenue and hardware sales.  We didn't need FC to reveal a lot of information and/or evidence, because we could verify that information first hand without him.

Maybe a signed message from the Labcoin mining address?  That might be a simple option.  Stamping the blocks would be good, too.

[JohnyBigs]

In all honesty everyone, is there actually ever going to be a day where these operations aren't accused of being scams? I just don't see it. I think this stuff will always be spouted off.

"well, they didn't show me their individual tax documents nor did they publish their banking passwords!! SCAM!"

No one accuses AM of being a scam, mainly because they are more transparent and we can verify their status/hash rate.

At the beginning, AM went with pools, and it was very easy to see their hash rate.  Additionally, we know AM's btc addresses and can follow mining revenue and hardware sales.

Maybe a signed message from the Labcoin mining address?  That might be a simple option.  Stamping the blocks would be good, too.

They already said they are going to do all of this. Why is it fun for everyone to post useless nonsense without reading anything?

[velacreations]

They already said they are going to do all of this. Why is it fun for everyone to post useless nonsense without reading anything?

they also said they would lock the shares and post photos before the 10th...

We are all saying they need to do this now, not later.  In reality, it should have been done at the time of the announcement yesterday.

They never said they would join a pool, and they haven't really given a reasonable reason why not.  A pool would be the quickest way to verify hash rate.

[JohnyBigs]

The team is scattered on various countries, thus we have to coordinate to release anything. I'll see if i can get a screenshot of the hashing rate or something, but more pictures will be posted in the next few days, we will deploy the same mechanism ASICMINER uses for signing found blocks and publish them on our website.

[JohnyBigs]

They already said they are going to do all of this. Why is it fun for everyone to post useless nonsense without reading anything?

they also said they would lock the shares and post photos before the 10th...

We are all saying they need to do this now, not later.  In reality, it should have been done at the time of the announcement yesterday.

They never said they would join a pool, and they haven't really given a reasonable reason why not.  A pool would be the quickest way to verify hash rate.

Why would you join a pool, and lose 1-4% in fees + transaction fees, 2TH and growing is more than enough to solo mine. Locking of shares isn't that big of an issue

[velacreations]

Why would you join a pool, and lose 1-4% in fees + transaction fees, 2TH and growing is more than enough to solo mine. Locking of shares isn't that big of an issue

to verify that you actually have 2 TH online. They could have joined a pool for a few days and lost maybe a few bitcents, but gained a considerable amount of credibility. Sure, there are plenty of other ways they could be verifying this, like stamping blocks or signing a message from the mining address.

Why post that "we will do this soon" rather than just sign the message and post it? How many days does it take to sign a message or stamp your blocks?

Why ignore all requests to explain why the shares haven't been locked?  How many days does it take to post an explanation?

All of this should have been ready by the Sep 10 announcement yesterday.  The fact that it wasn't shows that they are either incompetent or lying.

[Bitcycle]

Number of shares they could sell if they locked nothing- 3,000,000

Number of shares they could sell if they locked 75% as they said - 750,000


Practical difference in a market this thinly trade- none.

[JohnyBigs]

Why would you join a pool, and lose 1-4% in fees + transaction fees, 2TH and growing is more than enough to solo mine. Locking of shares isn't that big of an issue

to verify that you actually have 2 TH online. Sure, there are plenty of other ways they could be verifying this, like stamping blocks or signing a message from the mining address.

Why post that "we will do this soon" rather than just sign the message and post it?
Why ignore all requests to explain why the shares haven't been locked?

How many days does it take to sign a message or stamp your blocks?

Again because they are spread throughout the whole world, maybe haven't gotten a block yet, maybe they all broke their legs. Who cares why? Locking of shares isn't an issue only to FUDsters. Like they can't scam if the shares are locked lol.

End of the day who knows why, just wait the next couple of days and week once their website is updated to verify everything until then people need to stop making the thread 1000 pages long

[velacreations]

Locking of shares isn't an issue only to FUDsters. Like they can't scam if the shares are locked lol.

well, technically it is a broken promise.  It shows a real lack of credibility to refuse to even address the issue.  An explanation would take less than a minute.

Who cares why?

probably all of the shareholders that have sold since yesterday (24 hour volume around 600K shares)

End of the day who knows why, just wait the next couple of days and week once their website is updated to verify everything until then people need to stop making the thread 1000 pages long

that website hasn't been updated in ages. It still has the 180 nm info on there.   

[velacreations]

Number of shares they could sell if they locked nothing- 3,000,000

Number of shares they could sell if they locked 75% as they said - 750,000

Regardless, it's the principle of the issue.  It's the fact that they can't even explain or do one little thing like that, but then they expect us to believe they will deploy 300 TH.

[JohnyBigs]

Locking of shares isn't an issue only to FUDsters. Like they can't scam if the shares are locked lol.

well, technically it is a broken promise.  It shows a real lack of credibility to refuse to even address the issue.  An explanation would take less than a minute.

Who cares why?

probably all of the shareholders that have sold since yesterday (24 hour volume around 600K shares)

End of the day who knows why, just wait the next couple of days and week once their website is updated to verify everything until then people need to stop making the thread 1000 pages long

that website hasn't been updated in ages. It still has the 180 nm info on there.  

to be quite honest there are more important things to do like deploy and make chips, then update a website which servs no purpose yet, they came on here and posted pictures of the chips, they are not using their website for much. True they can come on here and discuss share locking issue.

All these things though show the opposite of a scam, a real scammer, would of been posting pictures and answering issues right away, updated the website to make it all professional, not a shitty site that hasn't been updated ect.

[velacreations]

All these things though show the opposite of a scam, a real scammer, would of been posting pictures and answering issues right away, updated the website to make it all professional, not a shitty site that hasn't been updated ect.

I've followed a number of real scams, and they all act very similar.  They string people along with "news" and fail to provide any evidence with that news.  They don't often invest in nice website, either.  Some have great PR, some have shitty, but all of them make promises, and then APPEAR to be filling those promises.  At the end of the day, when you look back, it was obvious from the beginning, mainly because of the lack of real evidence.

A scammer would provide updates without evidence.  A scammer says one thing (we'll lock the shares) and does another (doesn't lock them).  A scammer will continue to string along the followers...

Personally, I don't think they are a scam, I just think they don't know the first thing about public communication. But, since the value of my shares rests on their abilities to deliver and communicate those deliveries, it is important to me that they step up and provide the information the market requires.

[TMAN]

They don't care about short term price changes. They don't care that we want information that will prop the share price up. They want to hash and roll out 65nm, lets all chill a little and see how they go. In a weeks time if we have nothing ill eat my words...

[wickedgoodtrader]

Locking of shares isn't an issue only to FUDsters. Like they can't scam if the shares are locked lol.

well, technically it is a broken promise.  It shows a real lack of credibility to refuse to even address the issue.  An explanation would take less than a minute.

Who cares why?

probably all of the shareholders that have sold since yesterday (24 hour volume around 600K shares)

End of the day who knows why, just wait the next couple of days and week once their website is updated to verify everything until then people need to stop making the thread 1000 pages long

that website hasn't been updated in ages. It still has the 180 nm info on there.  

to be quite honest there are more important things to do like deploy and make chips, then update a website which servs no purpose yet, they came on here and posted pictures of the chips, they are not using their website for much. True they can come on here and discuss share locking issue.

All these things though show the opposite of a scam, a real scammer, would of been posting pictures and answering issues right away, updated the website to make it all professional, not a shitty site that hasn't been updated ect.

Cracks me up how many people convince themselves it's not a scam because they are doing a shitty job of it. You are what us poker players call "leveling" yourself. It's when you think on the the wrong level for your opponent. Common sense shows it's a scam, but then you go up a level and say.. no way, they wouldn't do it like this if it was a scam. Then ask yourself then next question.. would they do it like this if it was legit? 100% NO.

[velacreations]

They don't care about short term price changes. They don't care that we want information that will prop the share price up.

They don't care about broken promises and shareholder value?  great company...

It's not about "propping up the share price" as much as it is defining their credibility.  Propping up the share price is making empty announcements every time the share price drops 15%.

[Vigil]

Can we stop with the pony images.

Why would you people even have this images stored/bookmarked in the first place?
Didn't now so many 7 year old girls had interest in bitcoin securities.

My Little Brony, My Little Brony...

[kingcrimson]

TheSwede traveling and having no internet access on the day of the mining, is pretty suspicious scam behavior as well. I have actually seen scammers pull that many times before.